Q1 25 EPS
$1.16
BEAT +10.62%
Est. $1.05
Q1 25 Revenue
$1.05B
BEAT +5.65%
Est. $996.6M
vs S&P Since Q1 25
+30.7%
BEATING MARKET
INCY +60.7% vs S&P +30.0%
Market Reaction
Did INCY Beat Earnings? Q1 2025 Results
Incyte posted a convincing first-quarter beat in 2025, with revenue of $1.05 billion rising 19.5% year over year and non-GAAP diluted EPS of $1.16 clearing the $1.05 consensus estimate by 10.62%, as the company's flagship drug Jakafi delivered $709.4… Read more Incyte posted a convincing first-quarter beat in 2025, with revenue of $1.05 billion rising 19.5% year over year and non-GAAP diluted EPS of $1.16 clearing the $1.05 consensus estimate by 10.62%, as the company's flagship drug Jakafi delivered $709.41 million in net product revenue, a 24% year-over-year gain fueled by stronger paid demand across all indications and favorable tailwinds from the Inflation Reduction Act's Part D redesign. Opzelura added further momentum with $118.70 million in net product revenue, up 38% year over year, while newly launched Niktimvo generated $13.61 million in just its first two months on the market. The strong commercial performance prompted management to nudge full-year 2025 Jakafi guidance higher to $2.95 billion to $3.00 billion, with Opzelura guidance held at $630 million to $670 million as the company anticipates a pediatric atopic dermatitis approval in the second half of the year. Pipeline progress, including positive Phase 3 results for povorcitinib in hidradenitis suppurativa, reinforced confidence in Incyte's longer-term growth trajectory.
Key Takeaways
- • Jakafi paid demand growth of 10% across all indications
- • Positive impact of Part D redesign under the Inflation Reduction Act on Jakafi revenue
- • Less de-stocking in Jakafi vs. Q1 2024 contributing 7% favorable impact
- • Opzelura U.S. paid demand up 24% from new patient starts and refills in AD and vitiligo
- • Opzelura ex-U.S. growth from continued uptake in Germany and France, plus recent launches in Italy and Spain
- • Niktimvo successful commercial launch generating revenue in first two months
- • Monjuvi/Minjuvi revenue growth from full quarter of U.S. sales vs. two months in Q1 2024 following February 2024 rights acquisition
INCY YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
INCY Revenue by Segment
With YoY comparisons, source: SEC Filings
“The double-digit revenue growth in the first quarter driven by the continued growth of Jakafi and Opzelura and the recent launch of Niktimvo, puts us on track to achieve our full year objectives.”
— Hervé Hoppenot, Q1 2025 Earnings Press Release
INCY Earnings Trends
INCY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
INCY EPS Trend
Earnings per share: estimate vs actual
INCY Revenue Trend
Quarterly revenue: estimate vs actual
INCY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.81 | — | $1.27B | +4.65% |
| Q4 25 MISS FY | $1.91 | $1.80 | -5.76% | $1.51B | +12.01% |
| FY Full Year | $6.86 | $6.80 | -0.86% | $5.14B | +3.24% |
| Q3 25 BEAT | $1.64 | $2.26 | +38.04% | $1.37B | +8.96% |
| Q2 25 BEAT | $1.47 | $1.57 | +6.48% | $1.22B | +5.81% |
| Q1 25 BEAT | $1.05 | $1.16 | +10.62% | $1.05B | +5.65% |